Property Investors Program
If you are thinking of purchasing a property on Vancouver Island, or anywhere else in Canada, there are some terms and conditions that apply to the financing which are unique to U.S. or offshore investors. Property may be purchased as owner-occupied or for investment purposes.
A person application (including name, marital status, address, assets and liabilities) is required to process the mortgage application.
An international credit report must be obtained (we will obtain once you have provided full name, current address, birthdate and social insurance number or equivalent).
Down payment must be a minimum 35% of the purchase price, and must be from your own resources (no borrowed funds or second mortgages allowed). These funds must be confirmed prior to funding.
No income confirmation is required for debt servicing purposes, but applicants must be able to prove business or record by way of current banking statements, investment statements or current tax return filings (bank policy can be varied).
A property appraisal is required in some form (either a drive-by, assessment or full appraisal, depending on the purchase).
Purchasers are subject to paying property transfer tax on both new and resale property in the amount of 1% on the first $200,000.00 and 2% on the balance of the purchase price.
Regular closing costs apply (legal, interest adjustment, property tax adjustment and other associated fees, including courier and long distance chards), with no additional legal costs being added due to the non resident status.